DislikedActually I'm papertrading. The above posted trade was done on a demo account, so there was no real money involved. But I treat this "play"money like real money to achieve the most realistic outcome on this whole papertradething . However I see no mistake in the wish to protect my money, while doing a countertrend trade.
Below the low of the doji there were no support lines I could make use of and I even think such stopfishing moves do not care a lot about these lines because it is price action which is produced by just a few people which lots of financial power with the aim just to get the stops and make money with it.Ignored
Sounds like you have the right idea! Treat your demo EXACTLY like it is real money! Protect your capital at all costs!! Learn to trade defensively (which it sounds like you are doing)....figure out what you are comfortable risking (which I think it is absolutely AMAZING that you are comfortable trading X amount on demo (that's where many develop bad habits...glad that you are not one of them . When you are comfortable w/the basics, move to a micromini account and practice w/a bit of money that will not hurt you if you lose it (a micro mini will let you experience the anxiety of losing cold cash without killing your bank account).
Not that it matters...But I think you did a great job w/your A/U trade and think you did a great job thinking about what could and should happen. Sometimes our stops just get hit and there is nothing we can do about it except move on to the next opportunity (you know all this already...sorry...I'll never mention this trade again....promise ).
Hope you made some pips last night! Happy trading,
Pips